As an agency worker, you might think a mortgage is off the table however this is not true. It may be more difficult compared to people with traditional employment. This is because there is not the same level of job security compared to people with a permanent employee. From a lenders point of view, this means agency workers monthly income is not guaranteed. Although some lenders can be more hesitant if you are an agency worker, there are lenders who we can turn to.
What criteria will impact an application as an agency worker?
- Length of contract-Lenders often prefer there to be at least 6 months remaining on temporary contracts but this can vary between different mortgage lenders. If you have less than 6 months there are specialist lenders who will consider you but they will need you to provide evidence that your contract was at least 6 months to begin with.
- Time with ageny-Lenders might be wary if you have not been with the same agency for 12 months
- Job Role- Lenders can be more favourable if your job role is in high demand such as a teacher and if you have been in the same job role for a long period of time as this shows consistency.
- Employment Gaps- If you have significant gaps in your employment history this can be a red flag for lenders. They will be looking for stability however if you have a gap in your employment and have clear evidence why it occurred such as maternity leave, accident or illness, study etc, this shouldn't affect your application significantly.
If you are an agency worker and you need some clear advise please contact us so we can help you get onto the property ladder.